S&P rates IP senior debt BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to Stamford, Conn.-based International Paper Co.'s $500 million 4.25% notes due 2009 and $500 million 5.5% notes due 2014 and affirmed all its existing ratings on the company, including the BBB/A-3 corporate credit ratings.

The outlook remains negative.

"The ratings on International Paper Co. reflect its above-average business position as the world's largest forest products manufacturer, broad product diversity, an improving cost structure, and moderate financial policies," said S&P credit analyst Cynthia Werneth.

These attributes are offset by industry cyclicality (with weak current market conditions for most of its products), lackluster profitability, and high financial leverage.

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